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Who took over Dry Dock Savings Bank?

Updated: 9/19/2023
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13y ago

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From the NY Times:

New York State regulators closed the Dollar Dry Dock Bank yesterday and named the Federal Deposit Insurance Corporation as receiver. Most of its customers' deposits were sold to the Emigrant Savings Bank, a much stronger bank that has avoided the losses from real estate loans that have plagued Dollar Dry Dock.

Dollar Dry Dock, which is based in White Plains, had 21 branches in New York City and Westchester County. It had $3.7 billion in deposits, which will continue to be insured by the Federal Deposit Insurance Corporation, up to the limit of $100,000 for each depositor. Dollar Dry Dock customers may continue to use automatic teller machines as usual, until the branches open for business on Monday.

Emigrant Savings Bank, which is based in New York City and has about $3.2 billion in deposits, will take over all deposits at 20 Dollar Dry Dock branches. One branch, on Kissena Boulevard in Queens, will be taken over by the Apple Savings Bank

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13y ago
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